Craigslist Story: Opinions Wanted

[j1970GMC]

So I found this truck on craigslist that sounded interesting. It's a 1962 C10 that has been "restored".

Here's the link:
http://sacramento.craigslist.org/cto/2552197660.html

I looked at it today (just got back in fact), and it was an interesting experiance. We met at an auto body shop where the guy worked, and his card says that he sells used import cars (he posted the ad in the for sale by owner section so I was a bit alarmed to meet at a car shop). The guy was selling it for a friend of a friend and had a stack of receipts including a new tranny last January, but none for the freshly rebuilt 350 engine. Of course there was a story about the engine: The actual owner's friend had a 73 that he rebuild the engine in and 1000 miles later he got hit so they parted the truck out and put the engine in the 62.

The truck ran well, but when we stopped to get gas I checked the oil to see the color and it was a full quart low He insisted that it didn't burn a drop of oil, but couldn't come up with an explanation as to why it was low. He said he'd pay for a compression check, but I'm still not convinced that would ease my mind. He wants 11,000 grand for it, and I don't think I'm even going to make an offer. The paint looks ok, but it's a single stage. Brakes work well. Interior is fairly nice. Some surface rust on the undercarriage and frame but no rot.

What do you guys think? It doesn't seem like a good deal, but I don't have experience in 62's (I've been lurking quite a while on the 67-72 message board). Thanks for any thoughts...